I am in a somewhat similar situation where I am buying a duplex from an elderly couple that have house hacked it for the past 30 years.  

There is one term you should also consider: FRAUD BY INDUCEMENT.I know someone being sued at this time not only for fraud, but victimizing an elderly person (over 60 in the State of FL)."

This has got to be information / intelligence / negotiation disequilibrium and it sounds to me like this guy basically took advantage of an elderly couple... not the way I'd personally want to acquire my portfolio or make money, at least if I wanted to sleep at night.So if that perspective is in fact accurate - is it really ethical to "take a property" off someone's hands because they are elderly and don't know any better? 

I did have some elderly tenants and the sidewalks were a mess from the City owned trees. 

It had not been well maintained as she was elderly and could not keep up with the maintenance on this fairly large house. 

My wife and I have actually discussed trying to find a mobile home on an acre and possibly slowly building it into a mobile community for elderly or catered to a niche like single moms.

She also sits with the elderly.

In either case you get a reasonable return and it doesn't look like you're stealing a house from an elderly, desperate couple.

That tenant was complaining of an odor and asked if I had heard from the elderly lady next door.

The only thing I can think of is that she's pack'n serious heat just in case.I mean really, besides some tissues that other elder ladies have in their dress, what could be in that purse????